Series 3 · Category study
Series 3 Futures Basics Study Guide
Futures basics establish the vocabulary for the rest of the Series 3: standardized contracts, leverage, marking to market, and the roles of exchanges and clearinghouses.
What this topic covers
Be comfortable explaining what a futures contract obligates parties to do, how standardization enables liquidity, and why clearing reduces counterparty risk compared with bilateral forward arrangements.
ExamYield currently includes 50 original practice questions in this category.
Important concepts
- Contract standardization and delivery months
- Exchange and clearinghouse roles
- Long versus short obligations
- Price discovery and leverage concepts
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